How To Apply For SBI Home Loan With Interest Rate At 6.70%?

Types of SBI Home Loans

SBI has mentioned on its website that “SBI Home Loans is the largest Mortgage Lender in India, which has helped over 30 lakh families to achieve the dream of owning a home.” The reason behind the achievement is the benefits that the lender offers and types of home loans which are as follows.

• SBI Regular Home Loan
• SBI Balance Transfer of Home Loan
• SBI NRI Home Loan
• SBI FlexiPay Home Loan
• SBI Privilege Home Loan
• SBI Shaurya Home Loan
• SBI Pre-Approved Home Loan
• SBI Realty Home Loan
• SBI Home Top Up Loan
• SBI Smart Home Top Up Loan
• SBI YONO Insta Home Top Up Loan
• SBI Corporate Home Loan
• SBI Home Loan To Non-Salaried – Differential Offerings
• SBI Tribal Plus
• SBI Earnest Money Deposit
• SBI Reverse Mortgage Loan
• SBI Commercial Real Estate Home Loan
• SBI Loan Against Property

Features of SBI Home Loans

Apart from the above-discussed home loan types, SBI offers the following benefits on its home loan schemes.

• Low-interest rates
• Interest calculation on a daily reducing balance.
• Home loans are also available as an overdraft.
• Low Processing charges
• No hidden costs.
• Credit score linked home loans
• No Prepayment penalties.
• 24,000+ SBI branches
• 1600+ member strong dedicated Sales Team
• Credit linked subsidy scheme
• Easy application process
• Loan application tracking facility
• Instant eligibility check
• Repayment up to 30 years
• Flexible loan tenure up to 30 years
• Minimum and maximum age of the borrower should be 18 and 70 years.
• Interest rate concession of 5 bps if applied via YONO app.

Documents required for SBI Home Loan

According to the official website of SBI, here are the documents that you need to keep handy while applying for a regular home loan:

Documents applicable to all applicants:

• Employer Identity Card
• Loan Application: Completed loan application form duly filled in affixed with 3 Passport size photographs
• Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
• Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

Property Papers:

• Permission for construction (where applicable)
• Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
• Occupancy Certificate (in case of ready to move property)
• Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
• Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
• Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

Account Statement:

• Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s
• If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

• Salary Slip or Salary Certificate of last 3 months
• Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

• Business address proof
• IT returns for last 3 years
• Balance Sheet & Profit & Loss A/c for last 3 years
• Business License Details(or equivalent)
• TDS Certificate (Form 16A, if applicable)
• Certificate of qualification (for C.A./ Doctor and other professionals)

SBI Home Loan Interest Rates And Processing Fees

For loan brackets up to Rs 30 lakhs and for CIBIL/CIC Score of less than 800, current terms are applicable for card Interest rate. For CIBIL score of > 800, 700-750 and 751-800, SBI is now offering an interest rate of 6.70%, 6.90% and 6.80% respectively under its festive offer. For home loans above Rs 30 lakh and for a CIBIL score of more than 800, SBI is offering an interest rate of 6.70%. Regarding the festive deals, SBI has said “No further concessions/ additional Premium would be applicable during the festive offer. These concessions are not applicable to CRE Home loans and Maxgain.”

SBI Home Loan Processing Fees

Home Loan Festive Offer: Processing Fee
Approved Projects	NIL
Unapproved Projects	Full waiver subject to recovery of actual expenses (for TIR & Valuation)
Out of pocket expenses/Actual charges if any to be recovered. Source: SBI

How to apply for SBI Home Loan online?

By following the steps below, you can apply for SBI home loans from the comfort of your home:

• Open YONO SBI app and sign in to your mobile banking account.
• Now navigate to the Loan menu and tap on “Home Loan”
• Now do an eligibility check and provide your date of birth.
• Enter your income score
• Enter your net monthly income.
• Provide the details of other loans if any.
• Upon successful verification, your eligibility check will be completed and you can check your eligible loan amount to proceed further.
• Now fill in the required details and tap on ‘Submit’.
• Once done, you will get a call from the SBI executive shortly.